Kaspa released the KRC-20 token on mainnet on September 15, 2024. The release introduced smart contract functionality, allowing tokens to be created and managed on the Kaspa blockchain, similar to token standards found on other platforms such as Ethereum.
KAS price reacted positively to the news, rising 20% this week, however, the price encountered resistance at $0.18 and is currently trading around $0.175.
YouTuber “Clinix Crypto” updated his short-term Kaspa price prediction in a trending video today, sharing his insights with his 70,000 subscribers.
Caspar's recent performance
Clinix Crypto highlighted Kaspa's strong performance after breaking out of a bearish structure early last week. Since last Monday, Kaspa has gained bullish momentum especially over the weekend, standing out as one of the best performing currencies in the market. While some cryptocurrencies slowed down over the weekend, Kaspa maintained its upward trend, indicating solid growth potential.
The YouTuber used wave analysis to explain Kaspar's price movement, stating that Kaspar has shown significant impulse and now a new bullish wave could begin. Specifically, he noted that Kaspar could be starting wave 3. Wave 3 is usually the most impulsive and significant in a wave cycle. Confirmation of wave 3 comes from recent price momentum, with notable buy orders pushing Kaspar's price higher.
Also read: This Crypto Trader Warns Kaspa Price Will Fall 47% – Here’s His Outlook.
Kaspa Price Prediction (Short Term)
Clinix Crypto observed a trend of large amounts of buy orders coming in, possibly from whales or a small number of traders, which could lead to a short-term price boost, but warned that it could also lead to selling once traders reach their desired profit levels.
Current strong resistance levels are around $0.18 to $0.19. Historically, this area has been a major barrier to Kaspa's price rise. The presenter does not expect Kaspa to break through these resistance levels anytime soon. Rather, he expects a pullback before further upside.
This expected pullback could send Kaspa price down to $0.17 or $0.18, which could be a buying opportunity before Kaspa consolidates and rises. After consolidating at the lower support level, Kaspa could rise towards $0.20 and potentially aim for an all-time high, although the presenter warned that it is still too early to predict this with certainty.
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